Schedule of Life Insurance Benefits (GR-9N S )

Transcription

1 Schedule of Benefits (GR-9N-S ) Employer: Group Policy Number: Barnes Group Inc. GP Issue Date: January 1, 2011 Effective Date: January 1, 2011 Schedule: 3B Cert Base: 3 FOR: ACTIVE NON-UNION HOURLY EMPLOYEES This is an ERISA plan, and you have certain rights under this plan. Please contact your Employer for additional information. Schedule of Life Insurance Benefits (GR-9N S ) Employees (GR-9N S ) Basic Schedule Classification (GR-9N S ) Amount All Employees $50,000 GR-9N 1

2 Employees (GR-9N S ) Supplemental Schedule Classification Option 1 Option 2 Option 3 Option 4 Option 5 Option 6 Amount 100% of your basic annual earnings, as determined by 200% of your basic annual earnings, as determined by 300% of your basic annual earnings, as determined by 400% of your basic annual earnings, as determined by 500% of your basic annual earnings, as determined by 600% of your basic annual earnings, as determined by Note: Your overall combined maximum for Basic and Supplemental Life Insurance is $2,000,000. You may elect coverage under any one of the available options shown above for Supplemental Life Insurance. Once you have made a selection, if you wish to make a change, your employer can provide you with information on how and when changes can be made. Evidence Requirements To become insured for Life Insurance coverage, certain requirements will need to be met. You can become insured for Life Insurance in excess of the lesser of 4 times your basic annual earnings or $900,000 as long as you submit evidence of good health, and Aetna approves. If Aetna does not approve your evidence of good health, the amount of Life Insurance will be limited to the Guaranteed Standard Issue amount. In addition, the following apply while you are insured: If you first become eligible for an amount of Life Insurance in excess of the lesser of 4 times your basic annual earnings or $900,000, you can become insured for this higher amount only if you submit evidence of good health, and Aetna approves. This does not apply if the sole reason you become eligible for the higher amount is because of an earnings increase. You first become eligible for an amount of Life Insurance in excess of the lesser of 4 times your basic annual earnings or $900,000, except due to an earnings increase, or you elect to increase your Life Insurance by more than one level or multiple of your basic annual earnings then you can only become insured for the higher amount if you submit evidence of good health, and Aetna approves. This applies even if Aetna has approved evidence of your good health in the past. You elect to increase your Life Insurance by any amount after you have applied for an Accelerated Death Benefit, you can become insured for this higher amount only if you submit evidence of good health, and Aetna approves. GR-9N 2

3 If you do not or did not elect Life Insurance within 31 days of the date you were first eligible to elect Life Insurance, whether under this Plan or any other group plan sponsored by the Policyholder, coverage under this Plan will not take effect until you submit evidence of good health to Aetna. If evidence of good health is not acceptable to Aetna, you will not be eligible for coverage under this Plan. Dependents Schedule (GR-9N S ) Classification Wife or husband Unmarried child, from age of 14 days to age 19 or 23 if a full-time student Option 1 Option 2 Amount Allowed a maximum of $250,000. This will be in increments of $10,000 up to $100,000, anything over $100,000 will be in $50,000 increments. $5,000 $10,000 *but not more than 100% of the amount of your Life Insurance under this plan. Evidence Requirements for Dependents For your dependents to become eligible for Life Insurance coverage, certain requirements will need to be met. Note that the dependent eligibility date is the date you can first elect coverage for a dependent. If you request Life Insurance coverage for the dependent within 31 days of the dependent eligibility date; and If you are eligible for a Life Insurance amount in excess of $50,000 for your spouse; your dependents will become eligible for a Life Insurance amount that is greater than the limits listed in the above section as long as you submit evidence of the dependent's good health, and Aetna approves. Requests Submitted More Than 31 Days after the Dependent Eligibility Date If you request Life Insurance coverage for a dependent spouse more than 31 days after the dependent eligibility date, the dependent spouse can become insured as long as you submit evidence of the dependent's good health, and Aetna approves. If, while insured for dependent coverage you first become eligible for a Life Insurance amount that is greater than $50,000 for your spouse, your dependent spouse can become insured for a Life Insurance amount that exceeds the limits noted above. This only applies if you submit evidence of your dependent spouse's good health, and Aetna approves. Thereafter, when eligible, you may increase your dependent spouse's coverage by one additional increment of up to $25,000 without having to submit evidence of good health to Aetna. If you elect to increase coverage by more than one increment or if the incremental increase is more than $25,000, evidence of good health will be required. This applies even if, in the past, Aetna has approved evidence of your dependent's good health. If you must submit evidence of your dependent spouse's good health, you must notify Aetna if any information that has been submitted to Aetna on your dependent spouse's behalf has or would change as a result of knowledge gained prior to Aetna notifying you that your spouse has been approved for the Life Insurance amount which is subject to evidence of good health. GR-9N 3

4 Accelerated Death Benefit (GR-9N ) Employees and Dependent Spouses ADB months 6 months ADB percentage up to 50% ADB minimum The lesser of: 25% of your life insurance benefit amount and $5,000. ADB maximum up to $250,000 GR-9N 4

5 Accidental Death and Personal Loss Coverage (GR-29N ) Schedule of Accidental Death and Personal Loss Benefits Employees Schedule Classification Principal Sum All Employees $50,000 The amount of the person's Principal Sum will be based on the amount of coverage in-force on the date of the accident, not the amount of coverage that may be in-force at the time of the loss. GR-9N 5

6 Additional Accidental Death and Personal Loss Benefit Maximums (GR-9N S CT) Employees Passenger Restraint Benefit Maximum for you $10,000 Airbag Benefit Maximum One half of a person's Passenger Restraint Benefit Education Benefit Maximum for each dependent child for your spouse Your actual expenses not to exceed 5% of your or your spouse's principal sum or $5,000 per year for up to 4 years, whichever is less Your actual expenses not to exceed 5% of your principal sum or $5,000 per year for up to 4 years, whichever is less Child Care Benefit Maximum for each child Your actual expenses not to exceed 3% of your principal sum or $2,000 per year per child for up to 4 years, whichever is less Repatriation of Remains Benefit Maximum Your actual expenses up to $5,000 General (GR-9N S ) This Schedule of Benefits replaces any similar Schedule of Benefits previously in effect under your plan of benefits. Requests for coverage other than that to which you are entitled in accordance with this Schedule of Benefits cannot be accepted. This Schedule is part of your Booklet-Certificate and should be kept with your Booklet-Certificate form GR-9N. Coverage is underwritten by Aetna Life Insurance Company. GR-9N 6